OGK-4 net income for H1 2008 rises by 54.6 to 1.52 billon rubles

OGK-4 discloses its financial statements prepared in accordance with the Russian Accounting Standards (RAS) for H1 of 2008.

OGK-4’s revenues for the reporting period increased to 17,682.4 million rubles by 18.1%, compared with the H1 of 2007. This increase in revenue is caused primarily by higher electricity tariffs. The Company’s expenses went up by 20% to 16,267.2 million rubles. Expenses rose due to higher fuel costs and higher expenses related to purchased electricity.

The Company’s sales profit declined by 0.2% to 1,415.3 million rubles, while its profit before tax grew by 50.7% to 2,132 million rubles.

OGK-4’s net income for the H1 of 2008 amounted to 1,519.2 million rubles, a 54.6% increase over the comparable period of the last year. The Company’s net profit growth was caused by additional income from deposit allocation of the temporarily free cash raised in course of the capital increase and sale of additional shares in 2007.

The open joint stock company Forth Generation Company of the Wholesale Electricity Market (OGK-4) operates five power generation plants with the total capacity of 8,630 MW, including Surgutskaya GRES-2 (4,800 MW, Khanty-Mansi Autonomous District), Berezovskaya GRES (1,500 MW, Krasnoyarsk territory), Shaturskaya GRES (1,100 MW, Moscow region), Smolenskaya GRES (630 MW, Smolensk region) and Yayvinskaya GRES (600 MW, Perm territory). 76% of OGK-4 shares belong to E.ON Russia Power GmbH – a 100% affiliate of E.ON AG, coordinating corporation’s energy business in Russia.